Executives - in- residences Presenter Troy D’Ambrosio troy.dambrosio@business.utah

1. Executives - in- residences Presenter Troy D’Ambrosio www.troy.dambrosio@business.utah.edu Director Lassonde New Venture Development Center www.lassonde.utah.edu

2. Pierre & Claudette McKay LassondeNew Venture Development Center Lassonde Center 08-09 Lassonde Center teams helped start 28 University of Utah spinoff companies! • Students develop commercialization plans for U of U technologies • Unique experiential education • 20 graduate students • Job market springboard • 2-3 new companies/yr • Management gap

3. U of U startups from the Lassonde Center include: • Veritract, LLC • CAT, LLC • Akadi LLC • GlycoMira • RU Ready • Trapeze Software • Headwaters Clear Carbon Services • Larada Inc. • Lineagen Inc. • Rescue Medical Systems Inc. • Thermimage • Carbalyn • Glycosan • Heightened Technologies • Sentrx Surgical • Visual Share LLC • Wasatch Microfluidics • Xapio • Visual Influence

4. Entrepreneur-in-residence v1.0 • Lineagen, Inc. – Molecular diagnostic company • Started as a non-profit ($3.4M funding from state) • CEO and staff • Lassonde Center developed non-profit plan • Commercial sponsored research $$ • Commercial opportunity identified and plan put together • Spun out into for profit • Additional University support $250K • Active involvement in company • Successful Series A - $5.4 M

5. Technology Venture Development Office created 2005 • Commercialization function moved • Dean of Business School • Focus on commercialization – out of the shadow of research • More of everything including start ups

6. Startup Companies • 100+ in 5 years

7. Entrepreneur-in-residence v 2.0 • Victims of our own success • Lack of management becomes a rate limiting step • Expanded executive-in-residence program to meet need • Non-paid entrepreneurs/business community members • Started with 30 grows to over 100 • 3 - 4 meetings per year • Match making process • Preview 2 – 3 start up companies • Ask for expressions of interest – Do you want to be the CEO? • Part-time program manager brought in

8. Other support needed • Funding support • Direct grants, SBIR grant support • Seed fund(s) • Close ties to VCs • Licensing managers • Venture Bench • Incorporation, websites, logos, insurance, CFO, Corp. Secretary • Faculty out reach • Faculty mentors

9. Entrepreneur-in-residence v 2.0 • Some successes • New lie detection technology • Presented to EIR • EIR member sponsored presentation to Angel group • No management • No funding • Two Angels express interest • Multiple meetings • License negotiations • Venture Bench • Grant funding

10. Entrepreneur-in-residence v 2.0 • Some failures • Educational software (math tutorial) • Presented to EIR • EIR member that knew that space • Grant support • Institutional support and use • Oil and water don’t mix • Quirky PI • Blunt entrepreneur • Start over – same result - too much time

11. Entrepreneur-in-residence v 2.0 • Many just stall – no takers • Did not fill our management “gap • Unforeseen benefits - great point of contact • Impediments to success • Difficulty of task – early stage company, money, time etc. • Unaligned expectations – looking for a job, want to dabble, etc. • University environment - slow • Lack of true start-up experience • Diversity of technology – lack expertise in some areas • Quirky PI’s

12. We also learned – Active support and direct involvement does work

13. CO2 storage site for multiple power plants • Lassonde Associates • Market research • Business model • Identified Headwaters as the strategic partner • Joint venture between the University of Utah and Headwaters Incorporated • First USTAR company The carbon sequestration intellectual property developed at the U of U allows greenhouse gasses to be permanently stored and monitored deep under the earth’s surface.

14. 40,000 misplaced feeding tubes • 6,000 deaths • Real-time vision, full articulation, tube steering and a fluid pathway • Lassonde Associates market research, business plan, management • Company form & funding Properly placed feeding tube. Misplacement of feeding tube into the lung.

15. Entrepreneur-in-residence v 3.0 • Embedded entrepreneurs • 2-3 fulltime university employees • Portfolio of 2-4 companies • Act as CEO – raise money, product development, hire management • Go with company or stay at university?

16. Accelerator/ Software Development Center • The Software Development Center manages • Commercializes software and digital media technologies • Resource - medical imaging, gaming, energy exploration, modeling, healthcare, bioinformatics • The Medical and Biotechnology Accelerator • 10,000 square feet of office and lab space • Rapid prototypes

17. Thank you